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Behavioural
economics is that branch of economics which improves
the field of economics by generating theories, predicts
economic phenomena in a better way and suggests better policies. It
depends on psychological insights and principles in human behaviour
significantly for economic decision-making. Here, rationality is dependent on
psychological bounds and measures. There are two categories of research in this
branch of economics, behavioural economics, namely
judgement and choice. The probability estimation
processes by people are dealt with in judgement. In the case of choice, the
action processes of people based on the judgements made by the people are
studied.

Experimental
economics depends mainly on experimental methods for answering
economics questions. While behavioural economics considers
experiments in its analysis, it does not depend exclusively on it. In
experimental economics, controlled experiments are used to study how
human behaviour affects economic theories. Thus, both behavioural
economics and experimental economics are two
converging but distinct branches of economics, which rely on
data obtained from real economies observation instead of the traditional field
data. Behavioural economics deals with theoretical and
empirical studies of human decision making in cognitive psychology while
experimental economics deals with tests of predictions from economic
theory using laboratory experiments. Thus, both groups have their origins to
psychology. Both the economics branches developed in the last quarter of this
century.

The main difference between behavioural economics and
experimental economics is the basic orientation. Behavioural
economists are methodological eclectics. They define themselves by both
the research methods employed and by the application of psychological insights
into their approach. Behavioural economists use field research
as experimentation. Experimental economists define themselves
using their endorsement and use of experimentation as research tool. In this
field, there are many novel experimental methods which make them appropriate for
addressing economic issues. Thus, the methodological features of
experimental economics are higher than behavioural economics
where experiments are conducted by psychologists. Repetition is considered as
very important in the experimental economics as one research tool. The main tool
for achieving higher internal validity in behavioural economics is random
assignment to treatment groups. However, in experimental economics,
the treatment group run at different times and with different populations of
subjects is compared directly for achieving higher internal validity. The
observations here are dependent on one another sometimes .On the other hand,
running an assignment without random experiment defeats the enterprise's whole
purpose. Experimental economists have not been able to prove
the problem of low external validity compared to behavioural economics. In spite
of all these, behavioural economics acts as application of
experimental methods.

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